StockMarketWire.com - Ford Motor Co posts third quarter net income of $1.7bn - a $690m improvement from 2009.

Pre-tax operating profit totalled $2.1bn up $1.1bn from a year ago.

Ford also announced further action to reduce automotive debt and strengthen its balance sheet.

Action includes further paying down its revolving credit line by $2bn; plans to use cash to prepay the remaining $3.6bn of debt owed to the VEBA retiree health care trust and conversion offers on two convertible debt securities

Ford now expects its Automotive cash to be about equal to its debt by year end, earlier than previously expected.

Ford ended the quarter with $23.8bn of Automotive gross cash and total liquidity of $29.4bn.

Revenue for the quarter totalled $29bn, a decline of $1.3bn from third quarter 2009; excluding Volvo revenue from 2009, revenue increased $1.7bn.

Ford Automotive operations posted a third quarter pre-tax operating profit of $1.3bn, a $953m improvement from third quarter 2009.

Ford North America reported third quarter pre-tax operating profit of $1.6bn - a $1.3bn improvement from third quarter 2009.

Ford Credit reported third quarter pre-tax operating profit of $766m - $89m up on 2009, and provided Ford with a $1bn distribution during the quarter.




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